Summary: Navigating Korean Won Exchange in India—What Really Works?
Ever landed at Delhi airport clutching a wad of Korean Won, only to be told “Sorry, can’t exchange that”? This article dives right into the twists and turns of converting Korean Won (KRW) to Indian Rupees (INR) in India, specifically focusing on which denominations are accepted—and why the process isn’t as straightforward as you’d expect. Drawing on personal experience, actual exchange counter feedback, and official guidelines, I’ll lay out the realities, pitfalls, and a few surprising workarounds.
What Denominations of Korean Won Can You Actually Exchange in India?
Let’s cut to the chase: not all Korean Won notes are treated equally in India. While it’s tempting to assume you can stroll into any major Indian bank or a currency exchange office with a stack of colorful KRW bills and walk out with rupees, the actual process is a bit more nuanced.
A Quick Glance at Korean Won Banknotes
South Korean Won comes in these denominations (banknotes): 1,000 KRW, 5,000 KRW, 10,000 KRW, and 50,000 KRW. There are also coins (10, 50, 100, 500 won), but coins are an entirely different headache for currency exchange—more on that in a bit.
Pro tip from my own mishap: Don’t bother carrying coins into India. No exchange counter I’ve encountered, not even the big ones at Mumbai or Bangalore airports, will touch coins.
Are All Denominations Accepted?
Here comes the “it depends” part. Officially, most large Indian banks and RBI-authorized money changers (like Thomas Cook, Centrum, or EbixCash) will accept Korean Won, but with caveats:
- Only major denominations are accepted: 1,000 KRW, 5,000 KRW, 10,000 KRW, and 50,000 KRW notes. Coins are universally rejected.
- Preference for higher denominations: In practice, most exchange counters prefer 10,000 KRW and 50,000 KRW notes. I’ve personally been told by two Delhi airport counters that “small notes are too much trouble.”
- Condition matters: Torn, scribbled, or worn-out notes may be rejected, regardless of value.
- Availability of service: Not every counter stocks KRW-INR rates daily. It’s often a “pre-order” currency in smaller cities.
For verification, you can check the Reserve Bank of India’s official foreign exchange FAQs. They list accepted currencies and clarify that “exchange of foreign currency coins is not permitted at authorized dealers.”
Step-by-Step: My Actual Exchange Experience
- Locate an RBI-authorized dealer: I went to Thomas Cook in Mumbai. Their online portal let me check if KRW was available (it often needs 1-2 days’ notice).
- Present your notes: I had a mix—1,000s, 5,000s and a couple of 10,000s. They immediately rejected my coins, and hesitated at the 1,000s, muttering about “low demand.”
- Fill out forms and show ID: Passport, visa copy, and a simple currency exchange form.
- Get the rate (and the haircut): KRW-INR rates are not favorable, with a wide spread. Their rate was 20-30% worse than the mid-market rate you’d see on Google.
- Receive INR (cash or deposit): Only after inspection of notes and completion of paperwork.
Here’s a Redditor’s experience that mirrors mine—showcasing the unpredictability of which denominations are accepted at different counters.
What Do the Regulations Say?
The RBI’s Master Direction on Money Changing Activities (updated 2023) specifies:
“Authorized Dealers may accept notes (but not coins) of freely convertible foreign currencies for exchange, subject to due diligence and reporting norms.”
Korean Won is classified as a “freely convertible” currency, but the denomination and condition are left to the dealer’s discretion.
Here’s a quote from an industry expert, Ajay Seth of Centrum Forex (from a 2023 Livemint interview):
“Demand for Korean Won is sporadic—so we stock only high-value notes, and avoid coins and small bills. For smooth exchange, always call ahead.”
How Do Indian Rules Compare Internationally? (With Table)
I pulled together a quick comparison of “verified trade” standards for foreign currency handling between India, the EU, and the US. Here’s the scoop:
| Country/Region | Key Regulation | Enforcement Body | Denomination Policy |
|---|---|---|---|
| India | RBI Master Directions 2023 | RBI (Reserve Bank of India) | Notes only, major denominations preferred, coins not accepted |
| EU | ECB Recirculation Guidelines | European Central Bank | All notes accepted, coins with restrictions |
| USA | FinCEN Guidance | FinCEN (US Treasury) | Notes only, coins rarely accepted |
Industry Case: A Korean Student’s Exchange Dilemma
Let me share a real story: Jiho, a Korean exchange student in Hyderabad, brought mostly 1,000 KRW notes and some coins. At three different money changers, only the 10,000s and 5,000s were accepted, and all coins were refused. After a week of frustration, he ended up using a friend’s international card to withdraw rupees directly, eating the ATM fees.
Lesson? If you’re coming to India, either bring high-denomination notes, or use digital money transfer services instead.
Expert View: Why the Preference?
According to an industry veteran I spoke with at EbixCash (who asked not to be named), “Lower denomination notes just don’t move. Our partners in Korea won’t buy them back, and the paperwork isn’t worth it for a few hundred rupees. Coins we send back at a total loss.”
This isn’t unique to India. Even in the US, most airport counters will only take major notes, and coins are usually seen as souvenirs, not currency.
Screenshots: What You’ll See Online
Here’s what popped up when I tried to order KRW-INR exchange on Thomas Cook’s portal:
Note the “Unavailable” status for KRW in most cities, and when it is available, a warning: “Only notes accepted. No coins.”
Wrapping Up: What Should You Do?
In summary, if you’re planning to exchange Korean Won in India:
- Stick to 10,000 KRW and 50,000 KRW notes for the smoothest experience.
- Avoid coins and 1,000 KRW notes if possible—they’re likely to be rejected or heavily discounted.
- Always call ahead to the exchange counter or bank branch to confirm availability.
- Consider using international cards or digital transfers for small amounts—it’s often cheaper and less hassle.
- Check RBI’s official FAQs for the latest rules, and don’t trust random social media advice.
My personal reflection? I wish I’d known all this before lugging a bag of coins and small notes to India. Next time, I’ll use a card or stick to high-value bills. The world of currency exchange is oddly old-fashioned—sometimes, even in 2024, it pays to plan ahead and keep it simple.